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Raising Entrepreneurial Capital booksite提高创业资本booksite.elsevier.ppt

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Raising Entrepreneurial Capital booksite提高创业资本booksite.elsevier

* The IPO Process: Climate Change A solid track record and excellent growth prospects are generally expected by investors, though during the IPO craze of the 90s, companies with no revenue and no saleable products or services were routinely floated at large valuations. Many of them are now out of business or trading for pennies on the OTC. * The IPO Process:Building the Team Lawyers and accountants must be hired to advise and provide due diligence in their respective areas. Your investment banker, also called an underwriter, will lead you through the IPO process. Only you have your best interest at heart. * Selecting the Underwriter Choosing the right underwriter for your venture is the key to a successful IPO. In effect, you are hiring a salesman. They must know the product (you), the market (potential investors), and the sales process relevant for you. There are significant differences among investment banks, as measured by their past success, size of typical deals, and the markets in which they deal. * Underwriting Process In an underwritten offering the underwriter buys the shares and resells them on the day of issuance. They have a strong incentive to price the offering to sell. In theory, the underwriter could be left holding unsold shares in their own account, something they will do virtually anything to avoid. * The IPO Process:Negotiating the Offer You and your underwriter must agree on the total amount to be raised, price of shares, and the fee structure. The best answer to how much to raise is: As much as the market will bear. * The IPO Process:Negotiating the Offer Enterprise valuation, not the share price, is the real issue. If you sell 20% for $5 million, you are expecting investors to believe your company is worth $25 million. You must have a plausible story to convince them of that valuation. As a modest-sized company, you will probably have little room to negotiate fees. It is more important to ensure that the underwriter will pay atten